Figuie 3.21 depicts the market for rice in thed) As a result of the price floor, what will be the totalamount of the surplus? What will be the dollaramount of this surplus? Who will be responsible forbuying this surplus, the government or the farmers?Surplus: -Dollar amount of surplus: $ -Surplus is responsibility of: .e) Suppose that after the imposition of the price floor,the demand in Shiva increases by 1.5 million kilos.Draw the new demand on Figure 3.2!, and labelit D.f) Now, how much in total will rice buyers be paying?country of Shiva.FIGURE-3.21kilos of rice$10Price: .Quantity traded: .Total spending: .g) What will be the total amount of the new surplus?What will be the dollar amount of this surplus?Surplus: -Dollar amount of surplus: $ .h) After the change in demand, what would happen if,as a result of a bad harvest, the supply now drops bythree million kilos? Draw the new supply curve onFigure 3.21, and label it S,.i) What will be the new price, the quantity traded, thetotal spending of buyers, the surplus and the dollaramount of the surplus?kilos of rice4 6 e 10Quentity per period (millions of kilos)212a) What is the present equilibrium price and quantitytraded in this market?- Quantity traded: -Price:.b) How much, in total, are rice buyers paying for thisquantity?.c) Suppose that government introduces a price floor of$8 per kilo. How much in total will rice buyers nowbe paying? -Price:Quantity traded:.Total spending: .Surplus: .Dollar amount of surplus: $.kilosPrice

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Figuie 3.21 depicts the market for rice in the country of Shiva. $10 2 2 16 Quentity per period (millions of kilos) 10 12 a) What is the present equilibrium price and quantity traded in this market? Price:. Quantity traded: . b) How much, in total, are rice buyers paying for this quantity? - c) Suppose that government introduces a price floor of $8 per kilo. How much in total will rice buyers now be paying?.

Figuie 3.21 depicts the market for rice in the country of Shiva. $10 2 2 16 Quentity per period (millions of kilos) 10 12 a) What is the present equilibrium price and quantity traded in this market? Price:. Quantity traded: . b) How much, in total, are rice buyers paying for this quantity? - c) Suppose that government introduces a price floor of $8 per kilo. How much in total will rice buyers now be paying?.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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